Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!usa-post Newsgroups: usa-today.real From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: real Tue, Apr 14 1992 Date: Tue, 14 Apr 92 05:42:44 EDT Message-ID: 04-14 0000 DECISIONLINE: Real Estate USA TODAY Update April 14, 1992 Source: USA TODAY:Gannett National Information Network GREENWALD IS NEW O&Y PRESIDENT: Troubled Canadian real-estate giant Olympia & York named Gerald Greenwald president and deputy chief executive. Greenwald replaces Thomas Johnson, who resigned after only a few weeks. O&Y, hurting from the real-estate slump, met with more than 100 of its lenders Monday to present a restructuring plan for its debt of nearly $17 billion. Greenwald, 56, is a former Chrysler vice chairman. PSA TIGHTENS VARIANCE: The Public Securities Association in New York simultaneously decreased and expanded its good-delivery guidelines for mortgage pools. The allowable variance for good-delivery guidelines for to-be-announced trades has been lowered to 2.0% from 2.49%, reports Real Estate Finance Today. MBA OBJECTS TO GUIDELINES: The Mortgage Bankers Association of America opposed PSA's permitted variance ruling. "We are disappointed by PSA's action," said Michael Taliefero, an MBA vice president. Taliefero said, "PSA's position fails to take into consideration the constraints on mortgage bankers in the pooling process and fails to take into consideration the hedging costs associated with mortgage banking. NEW PROCESS ON RAZING BUILDINGS: A stricter review process has been implemented in Houston to prevent future mistakes on issuing demolition permits. Cited: 124-year-old John Baker Building was mistakenly demolished over the weekend, officials said Monday. The building was covered under a city moratorium. PERMITS MAY BE EXTENDED: The New Jersey Assembly Monday approved and sent to Gov. Jim Florio a bill to extend construction permits that expired after January 1989. Supporters say the builders who couldn't get recession financing shouldn't have to repeat costly permit process. Foes are calling for a veto, citing currently tougher wetlands rules. RTC READYING OFFER: A detailed offering package will be distributed in the next few weeks for Sunbelt National Mortgage Corporation, Dallas, an official of the Resolution Trust Corporation said recently. Bear, Stearns & Co., Inc., New York, was named broker for "Sunny Mac," with a servicing portfolio estimated at $5 billion. ALTUS MOVING THROUGH RTC: A traditional mortgage banker has signed a letter of intent to buy Troy & Nichols, Inc., Monroe, La., from the RTC, officials say. Troy & Nichols is another roughly $5 billion servicing operation with Bear, Stearns as the broker. Also moving through the RTC pipeline is Altus Mortgage Corporation of Dothan, Ala., officials say. FACT SHEET EXPLAINS REFINANCING: The Federal Trade Commission is offering two fact sheets, one titled "Refinancing Your Home" and the other "Advance-Fee Loan Scams," at no cost. If consumers have additional questions about refinancing or problems with refinancing companies, they can contact the Division of Credit Practices, Federal Trade Commission, Washington, D.C. 20580. REDISTRICTING PLAN APPROVED: The U.S. Justice Department has approved Alaska Gov. Walter Hickel's state redistricting plan. Opponents are threatening to sue because the plan puts Rep. Georgianna Lincoln, Athabaskan Indian, and Rep. Eileen MacLean, Inupiat Eskimo, in a single district that covers two-thirds of Alaska - about the size of Texas. Inupiats and Athabaskans have different cultures and speak different languages. TIPS BROKERS CAN USE: To prosper throughout the 1990s, real estate brokers and agents must see themselves as businesspeople who happen to be in the business of selling real estate. That's the advice Ginny Denton, broker-owner of Coldwell Banker First Properties in Manlius, N.Y., gave at the recent National Association of Realtors meeting in San Francisco. Denton advises focusing more on the bottom line. UNIVERSAL HEALTH GETS BOOST: Universal Health Realty Income Trust announced Monday its net income for the first quarter ended March 31, 1992, increased 14% to $2,968,000 or $.42 per share, and its cash available for distribution increased 10% over last year's quarter to $3,758,000 or $.53 per share. Dividends paid on March 31, 1992, were $.40 per share or 75 percent of cash available for distribution. Real Estate Editor: Michele Coleman. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution violates federal law. This article is copyright 1992 Gannett News Service. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM